Board of the National Bank, June 29, 2015 has decided to leave unchanged the size of the discount rate at 9.5%.

Since the previous decision of the National Bank on the amount of interest rate developments in the external financial markets, considerable uncertainty remains. The main factors determining the dynamics of inflation and economic growth remain unchanged.

Seasonal factors led to a slowdown in inflation, which in mid-June on an annualized basis was 4.8% (19 day) against 11.6% at the beginning of this year.

High rates of economic growth in January-May 2015 (6.9%) were due mainly to increased production companies for the development of a deposit “Kumtor”. The pace of real GDP growth excluding “Kumtor” was 3.9 percent.

Taking into account the dynamics of the inflation forecast, the National Bank of the Kyrgyz Republic will continue to monitor the situation in the economy and in accordance with the law by certain powers will be taking appropriate measures of monetary policy. Monetary policy will focus on achieving and maintaining the medium-term inflation rate of 5-7%, which defines the main directions of monetary policy of the National Bank of the Kyrgyz Republic in the medium term.

The next meeting of the Board of the National Bank of the Kyrgyz Republic, which will consider the question of the discount rate, is scheduled for July 27, 2015.